{"id":6758,"date":"2026-09-17T16:17:14","date_gmt":"2026-09-17T07:17:14","guid":{"rendered":"https:\/\/www.waseda.jp\/fcom\/riba\/?p=6758"},"modified":"2026-09-17T16:17:14","modified_gmt":"2026-09-17T07:17:14","slug":"2026%e5%b9%b410%e6%9c%8812%e6%97%a5%e6%9c%88-%e3%81%ab%e7%94%a3%e7%a0%94%e8%ac%9b%e6%bc%94%e4%bc%9a%e3%80%8cwaseda-organizational-and-financial-economics-seminar-%ef%bc%9a-before-the-vote-is-cast","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fcom\/riba\/news\/6758","title":{"rendered":"2026\u5e7410\u670812\u65e5(\u6708) \u306b\u7523\u7814\u8b1b\u6f14\u4f1a\u300cWaseda Organizational and Financial Economics Seminar \uff1a Before the Vote is Cast\u300d\u304c\u958b\u50ac\u3055\u308c\u307e\u3059\u3002"},"content":{"rendered":"

\u300cBefore the Vote is Cast\u300d<\/span><\/h3>\n
\n\n\n\n\n\n\n\n\n\n
\u65e5\u6642<\/th>\n2026\u5e7410\u670812\u65e5\uff08\u6708\uff0913:10~14:50<\/td>\n<\/tr>\n
\u958b\u50ac\u65b9\u6cd5<\/th>\n\u2460\u5bfe\u9762 \uff0a\u958b\u50ac\u5834\u6240\u306f\u5f8c\u65e5\u304a\u77e5\u3089\u305b\u3044\u305f\u3057\u307e\u3059\u3002
\n\u2461Zoom\uff0a\u304a\u7533\u8fbc\u307f\u5b8c\u4e86\u306e\u81ea\u52d5\u8fd4\u4fe1\u30e1\u30fc\u30eb\u306b\u3066\u3001\u53c2\u52a0\u7528URL\u3092\u304a\u77e5\u3089\u305b\u3044\u305f\u3057\u307e\u3059\u3002<\/td>\n<\/tr>\n
\u5bfe\u8c61<\/th>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005<\/th>\nJulian Franks \u6c0f<\/p>\n

\uff08Emeritus Professor, Finance, London Business School\uff09<\/td>\n<\/tr>\n

\u8981\u65e8<\/th>\nMany scholars and some market participants argue that institutional investor engagement is insufficient, often pointing to the tendency of funds to vote in line with management and against shareholder proposals. This criticism frequently overlooks that voting decisions are typically the culmination of extensive engagement processes. Negative votes may not accurately reflect engagement efforts and influence because, in equilibrium, powerful and influential investors may resolve issues long before the vote takes place. To distinguish between rival explanations\u2014whether the scarcity of negative votes is due to investors wanting to please management, or because negative votes are part of an engagement process tied to private communications and meetings\u2014it is essential to analyze data on pre-voting engagements, contacts, and the decision-making processes behind votes, in addition to the actual votes cast.<\/p>\n

This paper will examine a new private database of voting decisions from one of the largest UK asset managers, containing textual records for each vote cast since 2010 across all UK holdings. Utilizing GPT-4 language models to analyze these records, we aim to test whether negative votes are rare because the investor is friendly with management\u2014even in private\u2014or if negative votes are integral to the engagement process and connected to private communications and meetings. Thus, we will investigate the interaction between private meetings, voting decisions, and voting outcomes over time. We will also analyse the interaction between these engagements and voting outcomes and trading decisions in the stocks.<\/span><\/td>\n<\/tr>\n

\u4e16\u8a71\u4eba<\/th>\n\u8c37\u5ddd \u5be7\u5f66\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u6559\u6388\uff09<\/td>\n<\/tr>\n
\u53c2\u52a0\u7533\u3057\u8fbc\u307f\u65b9\u6cd5<\/th>\n\u53c2\u52a0\u306f\u3053\u3061\u3089<\/a>\u304b\u3089\u304a\u7533\u8fbc\u307f\u304f\u3060\u3055\u3044\u3002\u203b10\u67088\u65e5(\u6728\uff0917:00\u7de0\u5207<\/td>\n<\/tr>\n
\u5171\u50ac<\/th>\n\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u90e8\u30fb\u7523\u696d\u7d4c\u55b6\u7814\u7a76\u6240\u30fb\u8c37\u5ddd\u5be7\u5f66\u5206\u79d1\u4f1a<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u300cBefore the Vote is Cast\u300d \u65e5\u6642 2026\u5e7410\u670812\u65e5\uff08\u6708\uff0913:10~14:50 \u958b\u50ac\u65b9\u6cd5 \u2460\u5bfe\u9762 \uff0a\u958b\u50ac\u5834\u6240\u306f\u5f8c\u65e5\u304a\u77e5\u3089\u305b\u3044\u305f\u3057\u307e\u3059\u3002 \u2461Zoom\uff0a\u304a\u7533\u8fbc\u307f\u5b8c\u4e86\u306e\u81ea\u52d5\u8fd4\u4fe1\u30e1\u30fc\u30eb\u306b\u3066\u3001\u53c2\u52a0\u7528U […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[24],"class_list":["post-6758","post","type-post","status-publish","format-standard","hentry","category-news","tag-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/6758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/comments?post=6758"}],"version-history":[{"count":1,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/6758\/revisions"}],"predecessor-version":[{"id":6759,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/6758\/revisions\/6759"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/media?parent=6758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/categories?post=6758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/tags?post=6758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}